Gold Rate Today in Hisar

Hisar, “the steel city of India,” is a significant business destination in Haryana. The city is known for its steel factories and other major tourist attractions. Proximity with the national capital Delhi, state capital Chandigarh and neighbouring Rajasthan’s capital, Jaipur, gives Hisar a unique edge for business opportunities. The city is a melting pot of Haryana, Punjab, and Rajasthan cultures.

Gold shops dot the city of Hisar, with Rajguru Market, Bishnoi Mandir Market, Moti Bazar, and Sarafa Bazar areas housing most of these shops. People of Hisar prefer these areas to buy gold ornaments.

Multiple reasons can influence gold rates in Hisar. Festive seasons, equity markets, geopolitical tensions, trade wars, sanctions, etc., can affect gold rates in Hisar. At the domestic level, the Reserve Bank of India (RBI)’s policy changes, the Goods and Service (GST) council’s tax rate hikes, the central government’s hike or relaxation of import duty, Agriculture Infrastructure Development Cess (AIDC) can influence gold prices in Hisar.

How Does GST Impact Gold Rates in Hisar?

The Government of India determines goods and Services Tax (GST) through GST Council. The Ministry of Finance and the RBI play a leading role in determining tax rates on gold. It is one of the leading factors affecting gold prices in Hisar. Let’s look at different taxes and duties imposed on gold by the government.

• 3% GST on the price of gold. It must be borne by the buyer.
• 12.5 % import duty on gold.
• 2.5 % Agriculture Infrastructure Development Cess (AIDC)
• Making charges based on design complications (only on the gold ornament and jewellery)
• ₹ 45 – per piece - Hallmarking charges (Hisar comes under mandatory hallmarking districts)

Impact of Central Bank Policies on Gold Rates in Hisar

The monetary policy of the Reserve Bank of India (RBI) can pull up or pull down gold prices in Hisar. Apart from monetary policy, repo rate hikes, fixation of the gold bond issue price, gold buying by RBI, government gold reserves, policy changes to control rupee devaluation, etc., can affect the price of gold in Hisar. Recently we have witnessed many moves by RBI to navigate the uncertainty posed by pandemic-related economic distress.

What are alternatives to Physical Gold in Hisar?

Hisar is a small city with a traditional outlook for different commodities. Gold has its own charm in Indian society and is a leading indicator of the wealth and prosperity of an individual. People of Hisar buy gold mostly for ornaments and jewellery. Festivals like Diwali, Dhanteras, and Akshay Tritiya usually trigger a gold rush as festive buying is perceived as very auspicious. Besides physical gold, several other modes of buying and investing in gold are available in Hisar. They are slowly becoming more popular in smaller towns in India. Let us have a look at these alternatives to physical gold in Hisar.

1. Digital Gold – Digital gold is a hassle-free investment option. It has become a very popular investment option among the youth of India. You own it virtually without holding physical custody of digital gold, and the seller must keep physical gold of equivalent value in a secure vault. You can buy digital gold across several transactions. You can cash the value of digital gold in your bank account at will whenever required. Many online platforms, like PhonePe, Paytm, etc., offer digital gold in Hisar.
2. Gold Exchange Traded Funds (Gold ETF) – It is another method of owning gold in electronic format. Investor’s capital is invested in high-purity gold bullion by fund managers. Returns of Gold ETF depend on domestic gold prices. Investors can redeem their capital whenever required. Several banking and financial institutions are offering Gold ETF in Hisar. Institutions like SBI, HDFC, Kotak Securities, Reliance, and Invesco are leading the race in offering Gold ETF in Hisar.
3. Sovereign Gold Bonds – Sovereign Gold Bonds (SGB) are government securities. They are denominated in grams of gold. They are a good alternative to physical gold. The Reserve bank of India issues SGB on behalf of the Central Government. Investors must buy them in cash at the issue price. Investors can redeem them in cash at the time of maturity.
4. Gold Funds - Gold funds are open-ended funds. Gold funds park their capital in Gold Exchange Traded Funds (ETF) units. It is another alternative to investing in physical gold. Several banks and financial institutions provide Gold Funds as an investment option in Hisar. Systematic Investment Plans (SIPs) are available in Gold Funds.